According to a new report conducted by the market research firm IRI, Beyond Meat was the fastest growing vegan meat-substitute label during a recent 52-week period.
According to the report, Beyond Meat’s retail sales grew by 135% in a 52-week period ending on October 31st. With this growth they now have a 10% market share, putting them third behind MorningStar Farms and Gardein.
MorningStar Farms grew by 3.8%, and now have a market share of 41%. Gardein, however, dropped by 4%, putting their market share at 14%: They still hold strong at second, however, with 4% more than Beyond’s 10%.
Other companies in the top 10 include Quorn and Field Roast, while Impossible Foods – makers of the Impossible Burger – failed to make the top 10, despite seeing rapid growth in recent months including striking a nationwide deal with Burger King.
The report showed that not only did the vegan meat market grow by 10%, but almost all other vegan categories (vegan milk, ice cream, etc.) received gains.
As noted by Forbes, “U.S. retail sales of plant-based foods have grown 11% in the past year, to $4.5 billion, more than five times the 2% growth rate the retail food market has seen, according to a July report by the Plant Based Foods Association and the Good Food Institute. Since April 2017, total plant-based food sales have increased 31%, with unit sales rising 8.5%, in contrast to the flat rate for the broader market”.